PotCoin And DopeCoin: Meet The Two New Bitcoin-Like Currencies For Buying Marijuana

Dylan Love

Wednesday

Mar 19, 2014 at 12:01 AMMar 19, 2014 at 10:08 AM

PotCoin and DopeCoin are two new Bitcoin-like cryptocurrencies aimed specifically at buying drugs, reports the Huffington Post.

PotCoin is targeting the legal recreational and medical marijuana industry while DopeCoin is unconcerned with legality.

Both currencies have their pseudonymous creators, just like Bitcoin's "Satoshi Nakamoto." "Mrjones" and "smokeman," creators of PotCoin, imagine their currency being used not only in the U.S., but also from Vancouver to Amsterdam, wherever money can legally be exchanged for weed.

They launched the currency earlier this year on January 21 at 4:20 p.m., but no retailers have committed to using it yet. They are undeterred — smokeman said "our inbox is jammed with point of sale inquiries from merchants along with some of the kindest, heartfelt letters of encouragement and thanks."

There is an official PotCoin subreddit here that they hope will continue to maintain people's interest as the developers' plans come to fruition.

"Dopey," the person behind DopeCoin, said that currency will be used anywhere from underground drug markets like Silk Road to more legitimate retail outlets like Overstock. "This is a digital currency created by the people for the people and what people do with it has the same consequences and responsibilities that they would have for the American dollar," he told the Huffington Post. "This is about giving people a currency choice that protects them from anyone who shouldn't be looking into what they are spending money on in their private lives."

Perhaps surprisingly, DopeCoin is already accepted at four stores: "Two brick-and-mortar businesses in Europe and two online merchants in the U.S."

Cryptocurrencies can solve some big problems for marijuana dispensaries that are legal at the state level, but federally illegal:

Because federal law still considers marijuana illegal, traditional banks have shunned the businesses, leaving them unable to accept credit cards or open simple checking accounts. Without secure options, the businesses are largely forced into cash-only transactions, risking safety and raising tax and employee payroll issues.

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